Obama to nominate three Fed members

Jan. 10, 2014
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The Federal Reserve Building / AP

by David Jackson, USA TODAY

by David Jackson, USA TODAY

President Obama said Friday he would nominate three economists to the Board of Governors of the Federal Reserve System, joining new chairwoman Janet Yellen.

The trio includes Stanley Fischer and Lael Brainard as well as Jerome Powell, who would be serving a second term if confirmed by the Senate

"These three distinguished individuals have the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy," Obama said in a statement.

Fischer, nominated for vice chair, said in a statement that "the Fed will continue to play a critical role in restoring and maintaining the health of the economy, and I look forward, if confirmed by the Senate, to working to the best of my ability with Janet Yellen and my future colleagues to achieve its policy goals."

The Senate confirmed Yellen as Fed chair earlier this week.

Fischer would serve as vice chair of the board, Brainard would represent the Richmond, Va., region, and Powell would represent the Philadelphia region.

In his statement, Obama praised his three new nominees:

"Stanley Fischer brings decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel. He is widely acknowledged as one of the world's leading and most experienced economic policy minds and I'm grateful he has agreed to take on this new role and I am confident that he and Janet Yellen will make a great team.

"Lael Brainard has served as one of my top and most trusted international economic advisors during a challenging time not just at home, but for our global economy as well, and her knowledge of international monetary and economic issues will be an important addition to the Fed.

"I'm also thankful that Jerome Powell, who has proven to be an effective and wise voice at the Fed, has agreed to serve a second term. I'm confident that these individuals will serve their country well."